Bay Street May Open On Weak Note

(RTTNews) - Canadian shares may open on a weak note Monday morning, tracking lower metal prices and European stocks. However, energy stocks may find support on higher oil prices, and help limit market's downside.

Pan American Silver Corp. (PAAS.TO) announced that the Mexican Federal Economic Competition Commission has approved the previously announced acquisition of all of the issued and outstanding shares of MAG Silver Corp. (MAG).

Emera Inc. (EMA.TO) announced that it has appointed Jared Green as its new chief financial officer. Green succeeds Greg Blunden, who is assuming the role of Executive Vice President, Finance, Emera USA.

The Canadian market closed on a strong note on Friday as US Federal Reserve Chair Jerome Powell hinted at a September rate cut in his speech today at the Jackson Hole Economic Symposium in Wyoming.

The benchmark S&P/TSX Composite Index remained firmly positive throughout the session before closing at 28,333.13, up by 277.70 points or nearly 1%.

On the trade front, Canadian high-level officials are engaged in talks with their US counterparts to seek a level playing field without denting common interests.

Asian stocks closed broadly higher on Monday as Federal Reserve Chair Jerome Powell's dovish signals at the Jackson Hole symposium opened the door to an interest rate cut next month.

Investors also awaited Nvidia's earnings results due this week that could help justify the sector's stratospheric valuations.

European stocks are mostly lower today as investors await some crucial economic data from across Europe, including inflation reports from several major countries, and also look for more details on U.S. - EU trade deal.

In commodities trading, West Texas Intermediate Crude oil futures are up $0.48 or 0.71% at $64.14 a barrel.

Gold futures are down $4.70 or 0.14% at $3,413.80 an ounce, while Silver futures are down $0.324 or 0.83% at $38.730 an ounce.